XML 38 R12.htm IDEA: XBRL DOCUMENT
v3.24.1

Note 1 - Segment information | 12 Months Ended
--- | ---
Dec. 31, 2023
Note 1 - Segment information |
Note 1 - Segment information | 1 Segment information As mentioned in sectio n II.C, the S egment I nformation is disclosed as follow s: Reportable operating segments (All amounts in millions of U.S. dollars)
Year ended December 31, 2023 | Tubes |  |  | Other |  |  | Total |
Management view - operating income | 4,337 |  |  | 129 |  |  | 4,466 |
Difference in cost of sales |  |  |  |  |  |  | (134 | )
Differences in selling, general and administrative expenses |  |  |  |  |  |  | (7 | )
Differences in other operating income (expenses), net |  |  |  |  |  |  | (9 | )
IFRS - operating income |  |  |  |  |  |  | 4,316 |
Financial income (expense), net |  |  |  |  |  |  | 221 |
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  | 4,537 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  | 95 |
Income before income tax |  |  |  |  |  |  | 4,633 |
Net Sales | 14,185 |  |  | 684 |  |  | 14,869 |
Depreciation and amortization | 518 |  |  | 31 |  |  | 549 |
Year ended December 31, 2022 | Tubes |  |  | Other |  |  | Total |
Management view - operating income | 2,772 |  |  | 75 |  |  | 2,847 |
Difference in cost of sales |  |  |  |  |  |  | 44 |
Differences in depreciation and amortization |  |  |  |  |  |  | 2 |
Differences in selling, general and administrative expenses |  |  |  |  |  |  | (4 | )
Differences in other operating income (expenses), net |  |  |  |  |  |  | 74 |
IFRS - operating income |  |  |  |  |  |  | 2,963 |
Financial income (expense), net |  |  |  |  |  |  | (6 | )
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  | 2,957 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  | 209 |
Income before income tax |  |  |  |  |  |  | 3,166 |
Net Sales | 11,133 |  |  | 630 |  |  | 11,763 |
Depreciation and amortization | 588 |  |  | 20 |  |  | 608 |
Year ended December 31, 2021 | Tubes |  |  | Other |  |  | Total |
Management view - operating income | 178 |  |  | 65 |  |  | 243 |
Difference in cost of sales |  |  |  |  |  |  | 473 |
Differences in depreciation and amortization |  |  |  |  |  |  | (1 | )
Differences in other operating income (expenses), net |  |  |  |  |  |  | (8 | )
IFRS - operating income |  |  |  |  |  |  | 707 |
Financial income (expense), net |  |  |  |  |  |  | 23 |
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  | 730 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  | 513 |
Income before income tax |  |  |  |  |  |  | 1,243 |
Net Sales | 5,994 |  |  | 528 |  |  | 6,521 |
Depreciation and amortization | 575 |  |  | 20 |  |  | 595 |
Transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap, energy, surplus raw materials and others from the Other segment to the Tubes segment for $98.5 million, $77.9 million and $45.6 million in 20 2 3, 20 2 2 and 20 2 1, respectively. There are no material differences between IFRS and management view in total revenues and by reportable segments. The differences between operating income under IFRS view and the management view are mainly related to the cost of goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement cost considered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other minor timing differences. The main difference in Other operating income (expenses), net, for the year ended December 31, 2022, is attributable to t he effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes’ definitive cease of operations, not impacting the management view. In addition to the amounts reconciled above, t he main differences in net income arise from the impact of functional currencies on financial result, deferred income taxes as well as the result of investment in non-consolidated companies. Geographical information
| North America |  |  | South America |  |  | Europe |  |  | Asia Pacific, Middle East and Africa (*) |  |  | Unallocated (**) |  |  | Total |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | 7,765,130 |  |  | 3,382,495 |  |  | 1,175,581 |  |  | 2,545,654 |  |  | - |  |  | 14,868,860 |
Total assets | 11,210,620 |  |  | 3,751,121 |  |  | 2,839,378 |  |  | 1,671,972 |  |  | 1,608,804 |  |  | 21,081,895 |
Trade receivables, net | 1,222,635 |  |  | 447,379 |  |  | 278,077 |  |  | 532,798 |  |  | - |  |  | 2,480,889 |
Property, plant and equipment, net | 3,676,352 |  |  | 1,143,752 |  |  | 794,242 |  |  | 463,833 |  |  | - |  |  | 6,078,179 |
Capital expenditures | 214,932 |  |  | 246,061 |  |  | 119,820 |  |  | 38,632 |  |  | - |  |  | 619,445 |
Depreciation and amortization | 307,139 |  |  | 115,156 |  |  | 74,862 |  |  | 51,353 |  |  | - |  |  | 548,510 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | 6,902,787 |  |  | 2,550,402 |  |  | 1,000,833 |  |  | 1,308,504 |  |  | - |  |  | 11,762,526 |
Total assets | 9,018,386 |  |  | 3,896,403 |  |  | 2,071,624 |  |  | 1,023,187 |  |  | 1,540,646 |  |  | 17,550,246 |
Trade receivables, net | 1,371,717 |  |  | 583,223 |  |  | 202,753 |  |  | 336,247 |  |  | - |  |  | 2,493,940 |
Property, plant and equipment, net | 3,548,844 |  |  | 1,031,423 |  |  | 706,539 |  |  | 269,457 |  |  | - |  |  | 5,556,263 |
Capital expenditures | 118,644 |  |  | 176,448 |  |  | 62,143 |  |  | 21,211 |  |  | - |  |  | 378,446 |
Depreciation and amortization | 348,550 |  |  | 125,324 |  |  | 76,631 |  |  | 57,218 |  |  | - |  |  | 607,723 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | 3,360,345 |  |  | 1,311,279 |  |  | 742,463 |  |  | 1,107,120 |  |  | - |  |  | 6,521,207 |
Total assets | 7,992,946 |  |  | 2,399,448 |  |  | 1,727,573 |  |  | 945,690 |  |  | 1,383,774 |  |  | 14,449,431 |
Trade receivables, net | 652,483 |  |  | 234,800 |  |  | 180,515 |  |  | 231,274 |  |  | - |  |  | 1,299,072 |
Property, plant and equipment, net | 3,805,912 |  |  | 984,413 |  |  | 742,461 |  |  | 292,015 |  |  | - |  |  | 5,824,801 |
Capital expenditures | 106,118 |  |  | 63,723 |  |  | 43,344 |  |  | 26,333 |  |  | - |  |  | 239,518 |
Depreciation and amortization | 307,116 |  |  | 125,781 |  |  | 89,667 |  |  | 72,157 |  |  | - |  |  | 594,721 |
(*) Starting on January 1, 2023, Asia Pacific and Middle East and Africa segments were merged in a single geographical segment. (**)For 202 3, 20 2 2 and 20 2 1 includes Investment s in non-consolidated companies. See n ote 14 t o these Consolidated Financial Statements. There are no revenues from external customers attributable to the Company’s country of incorporation (Luxembourg). The principal countries from which the C ompany derives its revenues are USA (39%), Argentina (15%), Mexico, Canada, Saudi Arabia and Brazil. Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to governmental institutions represent approximately 26%, 22% and 23% in 202 3, 20 2 2 and 20 2 1 respectively. Tubes segment revenues by market: (All amounts in millions of U.S. dollars)
Revenues Tubes | 2023 |  |  | 2022 |  |  | 2021 |
Oil & gas | 12,488 |  |  | 9,543 |  |  | 4,895 |
Oil & gas processing plants | 818 |  |  | 738 |  |  | 459 |
Industrial, power and others | 879 |  |  | 852 |  |  | 640 |
Total | 14,185 |  |  | 11,133 |  |  | 5,994 |
At December 31, 20 2 3, 20 2 2 and 20 2 1, the Company recognized contract liabilities related to customer advances in the amount of $263.7 million, $242.9 million and $92.4 million, respectively. Each of t he se amounts a re reclassified to revenues during the subsequent year s. In these periods, no significant adjustment s in revenues were performed related to previously satisfied performance obligations.

X
- Definition The entire disclosure for operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfOperatingSegmentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration