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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 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) (7,999)
Currency translation adjustment 31,172 30,849       30,849     323
Reclassification of currency translation adjustment reserve                
Remeasurements of post-employment benefit obligations, net of taxes (4,201) (4,236)         (4,664) [2] 428 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) [2]   (2,377)
From other comprehensive income of non-consolidated companies (30,551) (30,551)       (31,977) 1,426 [2]    
Other comprehensive (loss) for the year (11,036) (9,017)       (1,128) (8,317) [2] 428 (2,019)
Total comprehensive income (loss) for the year (653,453) (643,435)       (1,128) (8,317) [2] (633,990) (10,018)
Acquisition and other changes in non-controlling interests [3] 1,492 2         2 [2]   1,490
Dividends paid in cash (87,938) (82,637)           (82,637) (5,301)
Balance at Dec. 31, 2020 11,446,473 11,262,888 1,180,537 [1],[4] 118,054 609,733 (958,374) (345,217) [2],[5] 10,658,155 183,585
Income (loss) for the year 1,053,318 1,100,191           1,100,191 (46,873)
Currency translation adjustment (81,953) (81,674)       (81,674)     (279)
Reclassification of currency translation adjustment reserve                
Remeasurements of post-employment benefit obligations, net of taxes 9,511 9,798         9,813 [5] (15) (287)
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes (2,689) (4,638)         (4,638) [5]   1,949
From other comprehensive income of non-consolidated companies (7,243) (7,243)       (11,085) 3,842 [5]    
Other comprehensive (loss) for the year (82,374) (83,757)       (92,759) 9,017 [5] (15) 1,383
Total comprehensive income (loss) for the year 970,944 1,016,434       (92,759) 9,017 [5] 1,100,176 (45,490)
Acquisition and other changes in non-controlling interests [6] 10,384               10,384
Dividends paid in cash (322,099) (318,744)           (318,744) (3,355)
Balance at Dec. 31, 2021 12,105,702 11,960,578 1,180,537 [4],[7] 118,054 609,733 (1,051,133) (336,200) [5],[8] 11,439,587 [9] 145,124
Income (loss) for the year 2,548,701 2,553,280           2,553,280 [9] (4,579)
Currency translation adjustment (23,710) (23,632)       (23,632)     (78)
Reclassification of currency translation adjustment reserve [11] (71,252) [10] (71,252)       (71,252)      
Remeasurements of post-employment benefit obligations, net of taxes 10,904 10,532         10,519 [8] 13 [9] 372
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes (5,186) (4,914)         (4,914) [8]   (272)
From other comprehensive income of non-consolidated companies 12,359 12,359       7,336 5,023 [8]    
Other comprehensive (loss) for the year (76,885) (76,907)       (87,548) 10,628 [8] 13 [9] 22
Total comprehensive income (loss) for the year 2,471,816 2,476,373       (87,548) 10,628 [8] 2,553,293 [9] (4,557)
Acquisition and other changes in non-controlling interests (1,407)               (1,407)
Dividends paid in cash (541,674) (531,242)           (531,242) [9] (10,432)
Balance at Dec. 31, 2022 $ 14,034,437 $ 13,905,709 $ 1,180,537 [7] $ 118,054 $ 609,733 $ (1,138,681) $ (325,572) [8] $ 13,461,638 [9] $ 128,728
[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, 2021 and 2020 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, the changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income.
[3] Mainly related to the agreement for the construction of Tenaris Baogang Baotou Steel Pipes Ltd.
[4] 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, 2021 there were 1,180,536,830 shares issued. All issued shares are fully paid.
[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.
[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, 2022 there were 1,180,536,830 shares issued. All issued shares are fully paid.
[8] 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.
[9] The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 26 (iii) to these Consolidated Financial Statements.
[10] During 2022 as a result of NKKTubes’ definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the income statement. For more information see note 35 “Other Information - Agreement to terminate NKKTubes joint venture”.
[11] Related to NKKTubes’ cease of operations. For more information see note 35 “Other Relevant Information – Agreement to terminate NKKTubes joint venture”.