<SEC-DOCUMENT>0001171843-23-001034.txt : 20230216
<SEC-HEADER>0001171843-23-001034.hdr.sgml : 20230216
<ACCEPTANCE-DATETIME>20230216170645
ACCESSION NUMBER:		0001171843-23-001034
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230216
DATE AS OF CHANGE:		20230216

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		23639288

	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>6-K
<SEQUENCE>1
<FILENAME>f6k_021623.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>FORM 6 - K</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>Pursuant to Rule 13a - 16 or 15d - 16 of</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"><B>As of 15 February, 2023</B></P>

<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"><B>TENARIS, S.A.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">(Translation of Registrant's name into English)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">26, Boulevard Royal, 4th floor</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">L-2449 Luxembourg</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">(Address of principal executive offices)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-indent: 21.3pt">Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or 40-F.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">Form 20-F <FONT STYLE="font-family: Symbol"><U> &Ouml; </U></FONT> &nbsp;Form
40-F___</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 21.3pt; margin: 0">Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12G3-2(b) under the Securities Exchange
Act of 1934.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0; margin-bottom: 0">Yes ___ No <FONT STYLE="font-family: Symbol"><U>&nbsp;&Ouml;&nbsp;</U></FONT> &nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0"></P>

<P STYLE="margin: 0; font-size: 10pt; text-indent: 21.3pt">If &ldquo;Yes&rdquo; is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b): 82-__.</P>

<P STYLE="text-align: left; font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: left; font-size: 10pt"></P>

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<P STYLE="margin: 0; text-align: left; font-size: 10pt">The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule
13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris&rsquo;s Press Release announcing
2022 Fourth Quarter and Annual Results.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0; margin-bottom: 0">SIGNATURE</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Date: 15 February, 2023</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0; margin-bottom: 0">Tenaris, S.A.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">By: /s/ Cecilia Bilesio</P>

<P STYLE="font-size: 10pt; margin: 0">Cecilia Bilesio</P>

<P STYLE="font-size: 10pt; margin: 0">Corporate Secretary</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt"></P>

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<P STYLE="margin: 0; font-size: 10pt"><IMG SRC="hdr.jpg" ALT="">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; color: silver">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; color: silver">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; color: silver">Giovanni Sardagna</P>

<P STYLE="font-size: 10pt; margin: 0; color: silver">Tenaris</P>

<P STYLE="font-size: 10pt; margin: 0; color: silver">1-888-300-5432</P>

<P STYLE="font-size: 10pt; margin: 0; color: silver">www.tenaris.com</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"><FONT STYLE="font-size: 12pt">Tenaris Announces 2022 Fourth Quarter and Annual
Results</FONT></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-style: italic; text-align: justify; margin: 0">The financial and operational information contained in
this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally,
this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working
capital days. See exhibit I for more details on these alternative performance measures.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Luxembourg, February 15, 2023.</B> - Tenaris S.A. (NYSE and Mexico: TS and
EXM Italy: TEN) (&ldquo;Tenaris&rdquo;) today announced its results for the fourth quarter and year ended December 31, 2022 with comparison
to its results for the fourth quarter and year ended December 31, 2021.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900">Summary of 2022 Fourth Quarter Results</P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center">4Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 37%; font-size: 10pt; text-align: left; text-indent: 9pt">Net sales ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; color: black; text-align: right">3,620</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">2,975</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">22</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">2,057</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">76</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating income ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1,013</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">803</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">273</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">271</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Net income ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">803</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">608</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">336</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">139</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">807</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">606</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">370</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">118</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Earnings per ADS ($)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1.37</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.03</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.63</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">118</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Earnings per share ($)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">0.68</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.51</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">33</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.31</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">118</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">EBITDA ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1,269</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">946</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">483</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">163</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">35.1</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">31.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">In the fourth quarter of 2022, our sales rose sequentially 22%, driven by further
increases in shipments and realized prices in most regions. Our quarterly EBITDA continues to grow with the margin rising to 35%, despite
higher raw material and energy costs. Our operating income, which included $77 million in impairment charges on certain idle assets and
some small cash generating assets, amounted to $1,013 million. Shareholders&rsquo; net income reached $807 million, or 22% of net sales.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Our free cash flow for the quarter increased to $416 million after capex payments
of $108 million and our operating working capital days declined to 128. After a dividend payment of $201 million in November 2022, our
net cash position increased to $921 million at December 31, 2022.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"></P>

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<P STYLE="margin: 0; font-size: 10pt; color: #009900">Summary of 2022 Annual Results</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">12M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 51%; font-size: 10pt; text-align: left; text-indent: 9pt">Net sales ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 11%; font-size: 10pt; text-align: right">11,763</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">6,521</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">80</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating income ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,963</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">708</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">319</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Net income ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,549</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,053</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">142</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Shareholders&rsquo; net income ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,553</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,100</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">132</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Earnings per ADS ($)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">4.33</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.86</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">133</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Earnings per share ($)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2.16</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.93</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">132</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">EBITDA ($ million)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">3,648</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,359</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">168</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">EBITDA margin (% of net sales)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">31.0</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">In 2022, our net income reached a record high while our net sales and
EBITDA were close to the all-time highs recorded in 2008 just prior to the global financial crisis. Our results rose strongly throughout
the year and reached record quarterly levels in the fourth quarter. The increase in sales reflect the strong recovery of oil and gas drilling
activity in the Americas, a more delayed recovery in Eastern Hemisphere activity, which is now picking up steam, and the solid contribution
of the great majority of our market and product segments.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Operating margins expanded reflecting the higher prices realized on
the sales of most of our products that have more than compensated for higher raw material and energy costs and a good industrial performance
with increased levels of activity and utilization of production capacity.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Net income more than doubled compared to 2021, despite a much lower
contribution from our non-consolidated companies and higher income taxes.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Operating cash flow for the year amounted to $1,167 million after accounting
for a $2,131 million build up in working capital to support the higher level of sales and the ramp up of our industrial system. After
capital expenditures of $378 million and dividend payments of $531 million during the year, our net cash position increased to $921 million
at the end of the year.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt; font-size: 10pt; text-align: justify"></P>

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<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">Market Background and Outlook</P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">In an environment where geopolitical and macro-economic risks as well
as inflation remain high, global economic prospects have improved following the fall in energy prices in Europe and the reversal of China&rsquo;s
COVID lockdown strategy. Conditions remain in place for a further increase in investment in the energy industry, with low levels of spare
capacity, the implementation of further sanctions on Russian exports and a renewed focus on energy security around the world.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">Drilling activity increased during 2022 and, although it has plateaued
in North America as we enter 2023, it continues to increase in the Middle East and offshore regions. Global demand for OCTG in 2023 is
expected to reach its highest level since 2014. Pipeline activity is also advancing to support oil and gas developments, notably in Argentina
and the Middle East.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">For the first half of 2023, we expect our sales and EBITDA to show a
further increase as we continue to ramp up production in North America and increase shipments to pipeline projects. The pricing momentum
we saw over the last year is levelling out and we expect that margins will remain close to the current level. Cash flow from operations
will increase and we expect to stabilize our working capital requirements by the second quarter.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">Annual Dividend Proposal</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Upon approval of the Company&acute;s annual accounts in March 2023, the board
of directors intends to propose, for approval of the annual general shareholders&rsquo; meeting to be held on May 3, 2023, the payment
of dividends in an aggregate amount of approximately $602 million, which would include the interim dividend of approximately $201 million
paid in November 2022. If the annual dividend is approved by the shareholders, a dividend of $0.34 per share ($0.68 per ADS), or approximately
$401 million, will be paid on May 24, 2023, with an ex-dividend date on May 22, 2023 and record date on May 23, 2023.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900"></P>

<P STYLE="font-size: 10pt; margin: 0 0 6pt; color: #009900"></P>

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<P STYLE="margin: 0 0 6pt; font-size: 10pt; color: #009900">Analysis of 2022 Fourth Quarter Results</P>

<P STYLE="font-size: 10pt; margin: 0 0 6pt; color: #009900">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: 9pt">Tubes Sales volume (thousand metric tons)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt; text-indent: 9pt">Seamless</TD><TD STYLE="width: 2%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; color: black; text-align: right">809</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">750</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">8</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">731</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">11</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Welded</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">156</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">106</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">47</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">130</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: 9pt">Total</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: right">965</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">856</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">13</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">799</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">21</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0 0 6pt; color: #009900">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: 9pt">Tubes</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">(Net sales - $ million)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left; text-indent: 9pt">North America</TD><TD STYLE="width: 2%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; color: black; text-align: right">2,105</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">1,761</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">20</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">1,118</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">88</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">South America</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">802</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">341</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">136</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Europe</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">185</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">190</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">167</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Middle East &amp; Africa</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">303</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">234</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">209</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">45</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Asia Pacific</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">70</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">46</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">51</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">75</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7</TD><TD STYLE="font-size: 10pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 9pt">Total net sales ($ million)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: right">3,466</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,832</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">22</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,910</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">81</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: right">980</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">780</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">26</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">245</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">300</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">28.3</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Net sales of tubular products and services</I> increased 22% sequentially
and 81% year on year. Volumes increased 13% sequentially and 21% year on year while average selling prices increased 9% sequentially and
50% year on year. In North America, sales increased 20% sequentially reflecting higher volumes for OCTG throughout the region and higher
OCTG prices in the United States. In South America sales increased 34% sequentially, mainly due to the start of deliveries for a gas pipeline
and higher OCTG sales in Argentina. In Europe sales decreased 3% sequentially due to a slight reduction in sales to distributors of mechanical
and structural products. In the Middle East and Africa sales increased 30% reflecting higher sales of OCTG in the United Arab Emirates
and higher sales of line pipe in Iraq and the Caspian area. In Asia Pacific sales increased 51% sequentially, due to higher sales in Indonesia
and sales of casing to a geothermal project in the Philippines.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Operating income from tubular products and services,</I> amounted to $980
million in the fourth quarter of 2022, compared to $780 million in the previous quarter and $245 million in the fourth quarter of 2021.
Operating results of the quarter include a $63 million impairment charge on certain idle assets and some small cash generating units.
During the quarter the operating margin increased following a 9% increase in average selling prices which more than offset higher energy
and raw material costs.</P>

<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0"><B></B></P>

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<P STYLE="margin: 0; font-size: 10pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><B>Others</B></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">3Q 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">4Q 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; text-align: right">154</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">143</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">8</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">147</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">5</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">33</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">42</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">29</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">21.4</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19.4</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Net sales of other products and services</I> increased 8% sequentially and
5% year on year. Sequentially, sales and operating income improved mainly due to higher sales and results from our oil services business
in Argentina which offers hydraulic fracturing and coiled tubing services. Operating results of the quarter include a $14 million impairment
charge.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Selling, general and administrative expenses</B>, or SG&amp;A, amounted
to $454 million (12.6% of net sales), compared to $403 million (13.6%) in the previous quarter and $338 million (16.4%) in the fourth
quarter of 2021. While SG&amp;A expenses increased sequentially, mainly due to higher logistic costs, taxes and labor costs, they declined
as a percentage of sales.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Impairment charge</B>. In December, 2022, we recorded an impairment of
$63 million on our Tubes segment and $14 million on our Others segment.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Other operating result</B> amounted to a $12 million loss in the fourth
quarter of 2022, compared with $2 million loss in the previous quarter and $12 million gain in the fourth quarter of 2021.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Financial results</B> were a gain of $36 million in the fourth quarter
of 2022, compared with a $29 million loss in the previous quarter and $2 million gain in the fourth quarter of 2021. Results of the quarter
are mainly derived from higher net interest income and positive net foreign exchange results.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Equity in earnings of non-consolidated companies</B> generated a gain of
$13 million in the fourth quarter of 2022, compared to $5 million in the previous quarter and $133 million in the same period of 2021.
Quarter results are mainly derived from our equity investment in Ternium (NYSE:TX), Usiminas and Techgen, the Mexican power plant in which
we hold a 22% equity interest.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Income tax charge </B>amounted to $258 million in the fourth quarter
of 2022, compared to $171 million in the previous quarter and $72 million in the fourth quarter of 2021. Taxes increased during the quarter
due to the better results at several subsidiaries following the improvement in activity.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0 0 6pt; color: #009900"></P>

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<P STYLE="margin: 0 0 6pt; font-size: 10pt; color: #009900">Cash Flow and Liquidity of 2022 Fourth Quarter</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Net cash provided by operations during the fourth quarter of 2022 was $524
million, compared with $242 million in the previous quarter and $46 million in the fourth quarter of 2021. As activity continues to increase
working capital continues to rise showing a $682 million increase during the quarter, driven by higher sales. Our operating working capital
days declined to 128 at year end compared to 134 at the end of the previous quarter.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">With capital expenditures of $108 million for the fourth quarter of 2022 ($129
million in the previous quarter and $69 million in the fourth quarter of 2021), during the quarter we had a positive free cash flow of
$416 million.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Following dividend payments of $201 million during the quarter, our positive net cash position increased
to $921 million at December 31, 2022.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0 0 6pt; color: #009900">Analysis of 2022 Annual Results</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 9pt"><B>Net sales ($ million)</B></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; font-size: 10pt; text-indent: 9pt">Tubes</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; text-align: right">11,133</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 9%; font-size: 10pt; text-align: right">95</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">5,994</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">92</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">86</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Others</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">630</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">5</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">528</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">11,763</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,521</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">80</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 9pt"><B>Tubes Sales volume (thousand metric tons)</B></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 10pt; text-indent: 9pt">Seamless</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 11%; font-size: 10pt; text-align: right">3,146</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">2,514</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">25</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Welded</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">387</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">289</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">34</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: 9pt">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">3,533</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">2,803</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">26</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-indent: 9pt"><B>Tubes</B></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">(Net sales - $ million)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: left; text-indent: 9pt">North America</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 11%; font-size: 10pt; text-align: right">6,796</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">3,240</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">110</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">South America</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,213</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,051</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">111</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: 9pt">Europe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">867</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">622</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">39</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Middle East &amp; Africa</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">980</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">832</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Asia Pacific</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">277</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">249</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 9pt">Total net sales ($ million)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">11,133</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">5,994</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">86</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">2,867</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">613</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">368</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">25.8</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="margin: 0; font-size: 10pt"><I>Net sales of tubular products and services</I> increased
86% to $11,133 million in 2022, compared to $5,994 million in 2021, reflecting a 26% increase in volumes and a 47% increase in average
selling prices. Sales increased in all regions, mainly in North America where there was a recovery in volumes and prices throughout the
region, led by the U.S. onshore market and in South America mainly due to higher OCTG sales in the region and deliveries for a gas pipeline
in Argentina.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I></I></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><I>Operating results from tubular products and services</I>, amounted to a
gain of $2,867 million in 2022, compared to a gain of $613 million in 2021. Tubes operating income in 2022 is net of a $63 million impairment
charge, while in 2021 it includes an impairment charge of $57 million. The improvement in operating results was driven by the recovery
in shipment volumes and in prices and higher level of utilization of production capacity, which more than offset an increase in energy
and raw material costs.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt"><B>Others</B></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">12M 2022</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">12M 2021</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Increase/(Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 10pt; text-align: left; text-indent: 9pt">Net sales ($ million)</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 11%; font-size: 10pt; text-align: right">630</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">528</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">19</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating income ($ million)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">96</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Operating margin (% of sales)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">15.2</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Net sales of other products and services</I> increased 19% from $528 million
in 2021 to $630 million in 2022, mainly due to higher sales of sucker rods, of our oilfield services business in Argentina which offers
hydraulic fracturing and coiled tubing services and excess raw materials, partially offset by lower sales from the discontinued industrial
equipment business in Brazil.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Operating results from other products and services</I><B>, </B>amounted
to a gain of $96 million in 2022, similar to the $95 million gained in 2021. Results were mainly derived from our sucker rods business
and our oilfield services business in Argentina, partially offset by $20 million loss related to our discontinued industrial equipment
business in Brazil. The operating income for other products and services in 2022 includes a $14 million impairment charge.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Selling, general and administrative expenses</B>, or SG&amp;A, amounted
to $1,635 million (13.9% of net sales), compared to $1,207 million (18.5%) in 2021. The 2022 increase in SG&amp;A is mainly due to higher
logistic costs, while they decrease as a percentage of sales.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Impairment charge</B>, in 2022, we recorded a $77 million impairment: $63
million on our Tubes segment and $14 million on our Others segment, while in 2021 we recorded a $57 million impairment on our Tubes segment,
as a result of the termination of the NKKTubes joint venture.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Other operating results</B> amounted to zero in 2022, compared to
a gain of $62 million in 2021. Results in 2022 include a $78 million charge from the settlement with the U.S. SEC, a $71 million non-cash
gain from the reclassification to the income statement of NKKTubes&rsquo;s cumulative foreign exchange adjustments belonging to the shareholders
due to the cease of its operations and an $18 million gain from the sale of land in Canada after the relocation of the Prudential facility.
The gain in 2021 was mainly due to a $36 million recognition of fiscal credits in Brazil and the profit from the sale of assets.</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Financial results</B> amounted to a loss of $6 million in 2022, compared
to a gain of $23 million in 2021. 2022 financial loss includes a loss of $10 million related to the change in fair value of certain financial
instruments obtained in an operation of settlement of trade receivables and a $30 million loss related to the transfer of Argentine sovereign
bonds paid as dividend from an Argentine subsidiary to its shareholders.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B></B></P>

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<P STYLE="margin: 0; font-size: 10pt; text-align: justify"><B>Equity in earnings of non-consolidated companies</B> generated a gain of
$209 million in 2022, compared to $513 million in 2021. These results were mainly derived from our equity investment in Ternium (NYSE:TX).
In 2022 they included $34 million impairment charges on our participations in the joint venture with Severstal ($15 million) and in Usiminas
($19 million).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><B>Income tax charge </B>amounted to $617 million in 2022, compared to $189
million in 2021, reflecting the improvement in results in several subsidiaries.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">Cash Flow and Liquidity of 2022</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">Net cash provided by operations in 2022 was $1,167 million (net of $2,131
million used in working capital), compared to $119 million (net of $1,071 million used in working capital) in 2021.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0 0 12pt">With capital expenditures of $378 million, we had a positive free cash
flow of $789 million in 2022, compared to a negative free cash flow of $120 million in 2021.</P>

<P STYLE="font-size: 10pt; margin: 0">Following dividend payments of $531 million during 2022, our positive net cash position increased
to $921 million at December 31, 2022.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">Conference call</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Tenaris will hold a conference call to discuss the above reported results,
on February 16, 2023, at 09:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">To listen to the conference please join through one of the following options:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">ir.tenaris.com/events-and-presentations or</P>

<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="font-size: 10pt"></FONT>https://edge.media-server.com/mmc/p/emnrvnrf</P>

<P STYLE="font-size: 10pt; margin: 0">If you wish to participate in the Q&amp;A session please register at the following link:</P>

<P STYLE="font-size: 10pt; margin: 0">https://register.vevent.com/register/BI64374f61f04b4af9b05406336279305b</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"><I>Please connect 10 minutes before the scheduled start time.</I></P>

<P STYLE="font-size: 10pt; margin: 0">A replay of the conference call will also be available on our webpage at:</P>

<P STYLE="font-size: 10pt; margin: 0">ir.tenaris.com/events-and-presentations</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0"><I>Some of the statements contained in this press release are &ldquo;forward-looking
statements&rdquo;. Forward-looking statements are based on management&rsquo;s current views and assumptions and involve known and unknown
risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements.
These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment
programs by oil and gas companies.</I></P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt; color: #009900"></P>

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<P STYLE="margin: 0; font-size: 10pt; color: #009900"><B>Consolidated Income Statement</B></P>

<P STYLE="font-size: 10pt; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period <BR>
ended December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Twelve-month period <BR>
ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: justify">Net sales</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">3,620,210</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,057,164</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">11,762,526</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,521,207</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cost of sales</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,063,969</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,400,370</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(7,087,739</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,611,602</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Gross profit</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,556,241</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">656,794</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">4,674,787</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,909,605</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Selling, general and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(454,478</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(338,050</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(1,634,575</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,206,569</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Impairment charge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(76,725</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(57,075</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(76,725</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(57,075</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other operating income (expense), net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(11,987</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,646</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(212</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61,548</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Operating income</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,013,051</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">273,315</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">2,963,275</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">707,509</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">37,756</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,845</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">80,020</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38,048</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Finance cost</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(20,237</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,851</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(45,940</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(23,677</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Other financial results</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,127</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,591</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(40,120</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,295</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before equity in earnings of non-consolidated companies and income tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,048,697</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">274,900</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">2,957,235</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">730,175</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,701</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">133,482</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">208,702</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">512,591</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Income before income tax</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,061,398</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">408,382</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">3,165,937</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,242,766</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(258,226</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(72,246</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(617,236</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(189,448</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Income for continuing operations</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">803,172</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">336,136</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,548,701</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,053,318</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Shareholders&rsquo; Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">807,318</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">370,034</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,553,280</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,100,191</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,146</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(33,898</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(4,579</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(46,873</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">803,172</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">336,136</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,548,701</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">1,053,318</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"><B></B></P>

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<P STYLE="margin: 0; font-size: 10pt; color: #009900"><B>Consolidated Statement of Financial Position</B></P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At December 31, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: justify">Property, plant and equipment, net</TD><TD STYLE="width: 3%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; color: black; text-align: right">5,556,263</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5,824,801</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Intangible assets, net</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1,332,508</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,372,176</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Right-of-use assets, net</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">111,741</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">108,738</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Investments in non-consolidated companies</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1,540,646</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,383,774</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Other investments</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">119,902</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">320,254</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,080</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Deferred tax assets</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">208,870</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">245,547</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Receivables, net</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">211,720</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">9,081,650</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">205,888</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,468,258</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Inventories, net</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">3,986,929</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,672,593</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Receivables and prepayments, net</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">183,811</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">96,276</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Current tax assets</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">243,136</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">193,021</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Trade receivables, net</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">2,493,940</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,299,072</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">30,805</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,235</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Other investments</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">438,448</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">397,849</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Cash and cash equivalents</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">1,091,527</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">8,468,596</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">318,127</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,981,173</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">17,550,246</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,449,431</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Shareholders' equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">13,905,709</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,960,578</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Non-controlling interests</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">128,728</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">145,124</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">14,034,437</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">12,105,702</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">LIABILITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Non-current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Borrowings</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">46,433</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">111,432</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Lease liabilities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">83,616</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">82,694</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Deferred tax liabilities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">269,069</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">274,721</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Other liabilities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">230,142</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">231,681</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Provisions</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">98,126</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">727,386</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">83,556</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">784,084</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Borrowings</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">682,329</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">219,501</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Lease liabilities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">28,561</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">34,591</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Derivative financial instruments</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">7,127</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,328</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Current tax liabilities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">376,240</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">143,486</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Other liabilities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">260,614</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">203,725</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Provisions</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">11,185</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,322</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Customer advances</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">242,910</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">92,436</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Trade payables</TD><TD STYLE="font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">1,179,457</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">2,788,423</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">845,256</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,559,645</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">3,515,809</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,343,729</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Total equity and liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">17,550,246</TD><TD STYLE="background-color: rgb(242,242,242); padding-bottom: 1pt; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,449,431</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"><B>&nbsp;</B></P>

<P STYLE="margin: 0; font-size: 10pt; color: #009900"><B></B></P>

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<P STYLE="margin: 0; font-size: 10pt; color: #009900"><B>Consolidated Statement of Cash Flows </B></P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR> December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Twelve-month period ended <BR> December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 10pt; font-weight: bold; text-align: justify">Income for the year</TD><TD STYLE="width: 3%; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; color: black; font-weight: bold; text-align: right">803,172</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; color: black; font-weight: bold; text-align: right">336,136</TD><TD STYLE="width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; color: black; font-weight: bold; text-align: right">2,548,701</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,053,318</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Adjustments for:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Depreciation and amortization</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">179,135</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">152,160</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">607,723</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">594,721</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Impairment charge</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">76,725</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">57,075</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">76,725</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">57,075</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Income tax accruals less payments</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">139,061</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">23,972</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">257,651</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,602</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(12,701</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">(133,482</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(208,702</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(512,591</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Interest accruals less payments, net</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(3,672</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">1,174</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1,480</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(11,363</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in provisions</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">7,164</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">(6,835</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">16,433</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,381</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Reclassification of currency translation adjustment reserve</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(71,252</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Result of sale of subsidiaries</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">(6,768</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,768</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in working capital</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(682,115</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">(381,720</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(2,131,245</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,071,464</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Currency translation adjustment and others</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">17,173</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">4,318</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">69,703</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(26,836</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash provided by operating activities</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">523,942</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">46,030</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">1,167,217</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">119,075</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from investing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Capital expenditures</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(107,646</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">(68,647</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(378,446</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(239,518</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Changes in advance to suppliers of property, plant and equipment</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(13,108</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">(655</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(18,901</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,075</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Proceeds from sale of subsidiaries, net of cash</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">24,332</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">24,332</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Acquisition of subsidiaries, net of cash acquired</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(4,082</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Investment in companies under cost method</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(692</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from disposal of property, plant and equipment and intangible assets</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1,690</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">8,380</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">48,458</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,735</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Dividends received from non-consolidated companies</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">20,674</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; text-align: right">26,798</TD><TD STYLE="font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">66,162</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">75,929</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 1pt">Changes in investments in securities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">38,079</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">111,763</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">123,254</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">390,186</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash (used in) provided by investing activities</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">(60,311</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">101,971</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">(163,555</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">267,897</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Cash flows from financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(200,658</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(153,469</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(531,242</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(318,744</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Dividends paid to non-controlling interest in subsidiaries</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(10,432</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,355</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Changes in non-controlling interests</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">2,099</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(1,407</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Payments of lease liabilities</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(13,560</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,252</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(52,396</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(48,473</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds from borrowings</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">161,785</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">267,970</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">1,511,503</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">843,668</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Repayments of borrowings</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">(300,783</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(446,728</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">(1,094,370</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,121,053</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">Net cash used in financing activities</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">(351,117</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(342,479</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">(178,344</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(647,957</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Increase (decrease) in cash and cash equivalents</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">112,514</TD><TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(194,478</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">825,318</TD><TD STYLE="background-color: rgb(242,242,242); border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(260,985</TD><TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Movement in cash and cash equivalents</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">At the beginning of the year</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">990,803</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">513,665</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">318,067</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">584,583</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Effect of exchange rate changes</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(11,883</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,120</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: right">(51,952</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5,531</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Increase (decrease) in cash and cash equivalents</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">112,514</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(194,478</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">825,318</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(260,985</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 1pt">At December 31,</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">1,091,434</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">318,067</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: right">1,091,433</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">318,067</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"><B></B></P>

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<P STYLE="margin: 0; font-size: 10pt; color: #009900"><B>Exhibit I &ndash; Alternative performance measures </B></P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Alternative performance measures should be considered in addition to, not as
substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.</P>

<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0 0 12pt; color: #009900">EBITDA, Earnings before interest, tax, depreciation and amortization.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">EBITDA provides an analysis of the operating results excluding depreciation
and amortization and impairments, as they are recurring 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.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">EBITDA is calculated in the following manner:</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings
(losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals)</P>

<P STYLE="font-size: 10pt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0">EBITDA is a non-IFRS alternative performance measure.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
December 31,</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Twelve-month period ended <BR>
December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left">Income for continuing operations</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">803,172</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">336,136</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; text-align: right">2,548,701</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,053,318</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Income tax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">258,226</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">72,246</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">617,236</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">189,448</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Equity in earnings of non-consolidated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(12,701</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(133,482</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(208,702</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(512,591</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Financial results</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(35,646</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,585</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">6,040</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(22,666</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">179,135</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">152,160</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">607,723</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">594,721</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Impairment charge</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">76,725</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57,075</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">76,725</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57,075</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">EBITDA</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">1,268,911</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">482,550</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">3,647,723</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,359,305</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">&nbsp;</P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">Free Cash Flow</P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">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.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Free cash flow is calculated in the following manner:</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">Free cash flow is a non-IFRS alternative performance measure.</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin: 0 0 12pt; font-size: 10pt; color: #009900"></P>

<P STYLE="margin: 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended <BR>
December 31,</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Twelve-month period ended <BR>
December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left">Net cash provided by operating activities</TD><TD STYLE="width: 3%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; color: black; text-align: right">523,942</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">46,030</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 10%; font-size: 10pt; color: black; text-align: right">1,167,217</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">119,075</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Capital expenditures</TD><TD STYLE="font-size: 10pt; color: black">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">(107,646</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(68,647</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: right">(378,446</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; color: black; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(239,518</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Free cash flow</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: right">416,296</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(22,617</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: right">788,771</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(120,443</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">&nbsp;</P>

<P STYLE="margin: 0pt; font-size: 10pt; color: #009900">Net Cash / (Debt)</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">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&rsquo;s leverage, financial
strength, flexibility and risks.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Net cash/ debt is calculated in the following manner:</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives
hedging borrowings and investments - Borrowings (Current and Non-Current).</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Net cash/debt is a non-IFRS alternative performance measure.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify">(all amounts in thousands of U.S. dollars)</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 69%; font-size: 10pt; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 13%; font-size: 10pt; text-align: right">1,091,527</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-size: 10pt; text-align: right">318,127</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Other current investments</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">438,448</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">397,849</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Non-current investments</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">113,574</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">312,619</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Derivatives hedging borrowings and investments</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">6,480</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,325</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Current borrowings</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(682,329</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(219,501</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Non-current borrowings</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(46,433</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(111,432</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net cash / (debt)</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: right">921,267</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">699,987</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0"></P>

<P STYLE="font-size: 10pt; margin: 0; color: #009900">Operating working capital days</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Operating working capital is the difference between the main operating components
of current assets and current liabilities. Operating working capital is a measure of a company&rsquo;s operational efficiency, and short-term
financial health.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Operating working capital days is calculated in the following manner:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0">Operating working capital days = [(Inventories + Trade receivables &ndash;
Trade payables &ndash; Customer advances) / Annualized quarterly sales ] x 365</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">Operating working capital days is a non-IFRS alternative performance measure.</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"><IMG SRC="hdr2.jpg" ALT="">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">(all amounts in thousands of U.S. dollars)</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three-month period ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="background-color: rgb(242,242,242); font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 69%; font-size: 10pt">Inventories</TD>
    <TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); width: 13%; font-size: 10pt; text-align: right">3,986,929</TD><TD STYLE="background-color: rgb(242,242,242); width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-size: 10pt; text-align: right">2,672,593</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Trade receivables</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">2,493,940</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,299,072</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Customer advances</TD>
    <TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: right">(242,910</TD><TD STYLE="background-color: rgb(242,242,242); font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(92,436</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Trade payables</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1,179,457</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(845,256</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Operating working capital</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">5,058,502</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">3,033,973</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Annualized quarterly sales</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">14,480,840</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">8,228,656</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Operating working capital days</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">128</TD><TD STYLE="background-color: rgb(242,242,242); border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">135</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: right; border-bottom: Black 4pt solid; margin: 0; font-size: 10pt">14</P>

<P STYLE="margin: 0; font-size: 10pt">&nbsp;</P>

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