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Note 31 - Related party transactions | 12 Months Ended
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Dec. 31, 2023
Note 31 - Related party transactions |
Note 31 - Related party transactions | 31 Related party transactions As of December 31, 202 3:
• | San Faustin owned 713,605,187 shares in the Company, representing 60.45% of the Company’s capital and 61.10% of the voting rights.
• | San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint, a Luxembourg société à responsabilité limitée, who is the holder of record of the above-mentioned Tenaris shares.
• | Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the Netherlands (Stichting) (“RP STAK”) held voting shares in San Faustin sufficient in number to control San Faustin.
• | No person or group of persons controls RP STAK.
Based on the information most recently available to the Company, Tenaris’s directors and senior management as a group owned 0.07% of the Company’s issued shares. Transactions and balances disclosed as with “non-consolidated parties” are those with companies over which Tenaris exerts significant influence in accordance with IFRS, but does not have control. Transactions and balances disclosed as with “joint ventures” are those with companies over which Tenaris exerts joint control in accordance with IFRS, but does not have control. All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as “Other”. The following transactions were carried out with related parties:
|  | Year ended December 31, |
(i) | Transactions | 2023 |  |  | 2022 |  |  | 2021 |
| (a) Sales of goods and services |  |  |  |  |  |  |  |
| Sales of goods to associated companies | 56,152 |  |  | 100,019 |  |  | 71,879 |
| Sales of goods to other related parties | 121,679 |  |  | 151,884 |  |  | 76,467 |
| Sales of services to associated companies | 1,564 |  |  | 1,472 |  |  | 1,164 |
| Sales of services to joint ventures | 135 |  |  | 131 |  |  | 130 |
| Sales of services to other related parties | 109,553 |  |  | 109,123 |  |  | 49,268 |
|  | 289,083 |  |  | 362,629 |  |  | 198,908 |
| (b) Purchases of goods and services |  |  |  |  |  |  |  |
| Purchases of goods to associated companies | 324,556 |  |  | 555,257 |  |  | 225,319 |
| Purchases of goods to joint ventures | 72,741 |  |  | 101,620 |  |  | 69,610 |
| Purchases of goods to other related parties | 61,366 |  |  | 51,040 |  |  | 32,453 |
| Purchases of services to associated companies | 13,349 |  |  | 13,759 |  |  | 9,763 |
| Purchases of services to other related parties | 76,751 |  |  | 36,767 |  |  | 13,806 |
|  | 548,763 |  |  | 758,443 |  |  | 350,951 |
| (c) Financial Results |  |  |  |  |  |  |  |
| Income from joint ventures | 5,645 |  |  | 3,804 |  |  | 2,867 |
|  | 5,645 |  |  | 3,804 |  |  | 2,867 |
| (d) Dividends |  |  |  |  |  |  |  |
| Dividends received from associated companies | 69,216 |  |  | 64,189 |  |  | 78,926 |
| Dividends distributed to Techint Holdings S.àr.l. | 385,347 |  |  | 321,122 |  |  | 192,673 |
|  | At December 31, |
(ii) | Period-end balances | 2023 |  |  | 2022 |
| (a) Arising from sales / purchases of goods / services |  |  |  |  |
| Receivables from associated companies | 7,589 |  |  | 9,012 |
| Receivables from joint ventures | 63,374 |  |  | 60,123 |
| Receivables from other related parties | 62,986 |  |  | 78,370 |
| Payables to associated companies | (21,012 | ) |  | (113,738 | )
| Payables to joint ventures | (28,361 | ) |  | (28,490 | )
| Payables to other related parties | (11,488 | ) |  | (13,283 | )
|  | 73,088 |  |  | (8,006 | )
| (b) Financial debt |  |  |  |  |
| Finance lease liabilities from associated companies | (1,459 | ) |  | (1,650 | )
| Finance lease liabilities from other related parties | (375 | ) |  | (483 | )
|  | (1,834 | ) |  | (2,133 | )
In addition to the tables above, the Company issued various guarantees in favor of Techgen; for further details, please see note 14 (c and d) and note 27 (ii) to these Consolidated Financial Statemen t s. No other material guarantees were issued in favor of other related parties. Directors and senior management compensation During the years ended December 31, 202 3, 202 2 and 20 2 1, the cash compensation of Directors and Senior managers amounted to $47.5 million, $35.2 million and $37.7 million respectively. These amounts include cash benefits paid to certain senior managers in connection with the pre-existing retirement plans. In addition, Directors and Senior managers received 388, 437 and 382 thousand units for a total amount of $5.6 million, $5.1 million and $3.9 million respectively in connection with the Employee retention and long-term incentive program mentioned in note II.P.3 “Employee benefits – Other long-term benefits” to these Consolidated Financial Statements.

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