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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Total
Share Capital
Legal Reserves
Share Premium
Currency Translation Adjustment
Other Reserves
Retained Earnings
Non-controlling interests
Balance (Previously stated) at Dec. 31, 2017 $ 11,580,970 $ 11,482,185 $ 1,180,537 [1] $ 118,054 $ 609,733 $ (824,423) $ (320,569) [2] $ 10,718,853 $ 98,785
Balance (Changes in accounting policies (Section II AP)) at Dec. 31, 2017 8,018 8,006         2,786 [2] 5,220 12
Balance at Dec. 31, 2017 11,588,988 11,490,191 1,180,537 [1] 118,054 609,733 (824,423) (317,783) [2] 10,724,073 98,797
Income (loss) for the year 873,900 876,063           876,063 (2,163)
Currency translation adjustment (96,916) (96,673)       (96,673)     (243)
Remeasurements of post employment benefit obligations, net of taxes 6,031 6,135         6,135 [2]   (104)
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes (6,667) (6,673)         (6,673) [2]   6
From other comprehensive income of non-consolidated companies (2,139) (2,139)       1,848 (3,987) [2]    
Other comprehensive (loss) income for the year (99,691) (99,350)       (94,825) (4,525) [2]   (341)
Total comprehensive (loss) income for the year 774,209 776,713       (94,825) (4,525) [2] 876,063 (2,504)
Acquisition and other changes in non-controlling interests [3] (24) (2)         (2) [2]   (22)
Dividends paid in cash (487,681) (484,020)           (484,020) (3,661)
Balance at Dec. 31, 2018 11,875,492 11,782,882 1,180,537 [1] 118,054 609,733 (919,248) (322,310) [2] 11,116,116 92,610
Income (loss) for the year 731,258 742,686           742,686 (11,428)
Currency translation adjustment (27,294) (27,217)       (27,217)     (77)
Remeasurements of post employment benefit obligations, net of taxes (7,727) (7,132)         (7,132) [2]   (595)
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes 2,332 1,605         1,605 [2]   727
From other comprehensive income of non-consolidated companies (19,847) (19,847)       (10,781) (9,066) [2]    
Other comprehensive (loss) income for the year (52,536) (52,591)       (37,998) (14,593) [2]   55
Total comprehensive (loss) income for the year 678,722 690,095       (37,998) (14,593) [2] 742,686 (11,373)
Acquisition and other changes in non-controlling interests [3] 117,985 1         1 [2]   117,984
Dividends paid in cash (485,827) (484,020)           (484,020) (1,807)
Balance at Dec. 31, 2019 12,186,372 11,988,958 1,180,537 [1] 118,054 609,733 (957,246) (336,902) [2] 11,374,782 197,414
Income (loss) for the year (642,417) (634,418)           (634,418) [4] (7,999)
Currency translation adjustment 31,172 30,849       30,849     323
Remeasurements of post employment benefit obligations, net of taxes (4,201) (4,236)         (4,664) [5] 428 [4] 35
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes (7,456) (5,079)         (5,079) [5]   (2,377)
From other comprehensive income of non-consolidated companies (30,551) (30,551)       (31,977) 1,426 [5]    
Other comprehensive (loss) income for the year (11,036) (9,017)       (1,128) (8,317) [5] 428 [4] (2,019)
Total comprehensive (loss) income for the year (653,453) (643,435)       (1,128) (8,317) [5] (633,990) [4] (10,018)
Acquisition and other changes in non-controlling interests [6] 1,492 2         2 [5]   1,490
Dividends paid in cash (87,938) (82,637)           (82,637) [4] (5,301)
Balance at Dec. 31, 2020 $ 11,446,473 $ 11,262,888 $ 1,180,537 [7] $ 118,054 $ 609,733 $ (958,374) $ (345,217) [5] $ 10,658,155 [4] $ 183,585
[1] 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.
[2] 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.
[3] Mainly related to Saudi Steel Pipe Company (“SSPC”) acquisition. See note 32.
[4] The restrictions to the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 26 (iii).
[5] 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.
[6] Mainly related to the agreement for the construction of Tenaris Baogang Baotou Steel Pipes Ltd. See note 34.
[7] 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.